News » Phinma Corp. divests in BPO research

Phinma Corp. divests in BPO research

Phinma Corp. divests in BPO research

Holding company Phinma Corporation has sold its research and consultancy unit to focus on businesses in the education and construction materials sectors. In a disclosure to the exchange, Phinma said it sold 100% or 10,000 shares in Integrative Competitive Intelligence Asia, Inc. (ICI Asia) to the latter’s president and CEO Roderick Y. Barro.

The shares are priced at P50 each, resulting in a total transaction value of P500,000. It is estimated to result in a P15-million loss on the deconsolidation of ICI Asia. The sale of ICI Asia was concluded on September 18.

Phinma took a controlling interest in ICI Asia in 2011 to increase its business process outsourcing portfolio. The company is a knowledge process outsourcing provider in Manila that serves clients from the environment, markets, health, governance, and education sectors.

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